Lucid Diagnostics: A Buy Rating on Operational Growth and Strategic Milestones

Lucid Diagnostics (LUCD – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Kyle Mikson CFA from Canaccord Genuity maintained a Buy rating on the stock and has a $3.00 price target.

Kyle Mikson CFA has given his Buy rating due to a combination of factors surrounding Lucid Diagnostics’ operational and strategic advancements. Although Lucid’s recent quarterly revenue slightly missed estimates, the company demonstrated solid growth in processed test volume, which indicates scaling demand for their services. The implementation of a centralized telehealth system and strategic initiatives aimed at fostering wider adoption of Lucid’s EsoGuard test also contribute to the positive outlook. The analyst believes that these factors, alongside continuous improvements in revenue cycle management, support a trajectory for increasing revenue over time.
Moreover, Mikson anticipates that the upcoming pre-submission meeting with MolDX may pave the way for obtaining coverage for Lucid’s EsoGuard test under the foundational LCD, which would be a significant milestone for the company. The competitive advantage of Lucid’s EsoCheck over a recently-recalled legacy product further underscores the company’s potential to capture market share in esophageal cancer screening. The analyst also notes the importance of ongoing clinical studies and the generation of clinical evidence, which are likely to bolster peer-reviewed publications and, consequently, wider acceptance and coverage for Lucid’s screening methods.

According to TipRanks, Mikson CFA is an analyst with an average return of -20.9% and a 21.79% success rate. Mikson CFA covers the Healthcare sector, focusing on stocks such as Pacific Biosciences, Quanterix, and Guardant Health.

In another report released yesterday, Needham also reiterated a Buy rating on the stock with a $2.50 price target.

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Lucid Diagnostics (LUCD) Company Description:

Lucid Diagnostics Inc is a commercial-stage medical diagnostics technology company focused on the millions of patients with gastroesophageal reflux disease, also known as chronic heartburn, acid reflux or simply reflux, who are at risk of developing esophageal precancer and cancer, specifically highly lethal esophageal adenocarcinoma.